American Security Corp. yesterday announced unaudited profits of $21.5 million for 1979, compared with $19.4 million for 1978.
In addition, the parent company of American Security Bank announced fourth-quarter 1979 profits of $6.2 million compared with $5.4 million a year ago.
American Security also announced that its year-end assets totaled $2.3 billion, an 11.5 percent increase over the total at the end of 1978. Loans increased by 8.5 percent to $1.4 billion in 1979, the bank said.
Total deposits at American Security increased by 12 percent to a total of $1.8 billion, the bank said in its unaudited, preliminary report.
"While we cannot provide a full set of audited figures this soon after the close of the year, we believe our shareholders and the public are entitled to this basic earnings data as soon as it is available to management," said Carleton Stewart, chairman of the American Security board.
"Increased earnings in 1979 resulted in large part from marketing efforts that produced a 20 percent increase in average earnings assets," he said.
"Fees and other non-interest income increased about 15 percent and earnings also benefited from the lower tax rate and increased investment tax credits," Stewart said.